Bitcoin is a digital currency, otherwise known as a cryptocurrency that is not governed by central banks, governments, or other regulatory agencies. It is created by a mathematical code known as algorithms. In total, this blockchain technology will produce 21 million Bitcoins. Bitcoin was created out of the global financial crisis of 2009, by Satoshi Nakamoto – an individual or a group of people that have since vanished. BTC is verified through a peer to peer database and all transactions are recorded on some 10,000+ computers globally.

Why should I trust Bitcoin providers?

Bitcoin is effectively a string of computer code.
In this sense, it is similar to content that is uploaded/downloaded over the Internet.

BTC is valuable because it is extremely difficult to generate the code which is in effect a solution to a complex mathematical problem. According to the math, only 150 coins can be produced per hour. Bitcoin providers, otherwise known as exchanges are readily available.

The most popular one was Mount Gox. Bitcoin providers allow you to buy and sell this digital currency with fiat currency and make necessary exchanges. Not every BTC provider is trustworthy. It is incumbent upon the Bitcoin buyer/seller to check out the credentials of the company before depositing and trading cryptocurrency.

The potential use of Bitcoin in the future?

Bitcoin’s popularity is set to grow when regulatory agencies like the Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FCEN) perceive this digital currency as legitimate.

Currently, there is a degree of confusion among these agencies about what BTC is, and what it isn’t. The IRS currently regards cryptocurrency as a form of property. However, the Treasury Department sees it as a pathway towards money laundering. Already, BTC is making significant strides in terms of user adoption and acceptance. More e-commerce merchants, investors and high-level industry leaders see the value of BTC in everyday life.

It is used for gift purposes, money transfers, purchasing goods and services, as a store of value, and a tradable financial instrument. We are moving towards a cashless future, and Bitcoin is leading the way with its blockchain technology. This disruptive FinTech technology is readily being adopted by banks and financial institutions around the world, and e-commerce is eating it up. It is widely regarded as the most progressive payments channel in the world, and it also serves as a viable investment option. In emerging markets, BTC is regarded as a hedge against volatile currencies, and it serves as a low-cost alternative to traditional fiat currency in transactions. Its borderless nature is ideal for international money transfers, and the lack of fees or middlemen adds to its appeal.

Typically, an exchange is simply an online venue where traders can exchange Bitcoin among themselves. They can set orders to buy or sell BTC at a specific price. The BTC exchange simply facilitates the transfer from one trader to the next, on the proviso that there is a buyer and a willing seller to complete the trade. When limit orders are put in place, a trader can purchase BTC at a lower price than the prevailing price, or sell BTC at a higher price than the prevailing price. When market orders are considered, BTC traders will simply be matched with the best available limit order. The Bitcoin exchange uses software to match buyers and sellers with one another. These transactions take place with secure socket layer (SSL) technology.

Our cryptocurrency experts and financial analysts are at the forefront of the FinTech revolution.

We have extensively reviewed the cryptocurrency arena, and we have firsthand knowledge of how it functions. Our Bitcoin experts understand all aspects of this blockchain technology, and we have poured tremendous time and effort into the Bitcoin exchanges that are trusted by users. We understand that credibility, accuracy, and transparency form the bedrock of trading in Bitcoin. Our reviews accurately depict these values in the Bitcoin providers we feature on site.

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